1929 Returns

Illusions and manipulation had their part in creating the pre-October stock-market ascension. Behind them, however, was knowledge that earnings were increasing, hope that they might do so forever. Last week 1929 reports began to appear, indicated that in many cases the first part of this credo was correct.

With interest rates high, borrowing volume large, it was expected that bank profits would show increases. Among the first banks to report were:

Corn Exchange Bank & Trust Co.. $3,812,000 as against $3,529,154 in 1928.

Irving Trust Co., $12,057,000 as against $8,374,018.

New York Trust Co., $5,713,000 as against $4,784,500.

Midland Bank, Ltd. (London), -L-2,665,042 as against -L-2,656,554.

Other earning reports included:

Alaska Juneau Gold Mining Co. (Incorporated in West Virginia, main office in San Francisco, chief mines in the "Juneau Gold Belt," Alaska. No dividend since 1897)'. $1,159,050 as against $929,050.

American Water Works & Electric Co.. Inc. (Pears, prunes and citrus fruit from two large orchards in California's Sacramento Valley. Total land holdings in this region: 8,000 acres): $7,658,234 as against $5,949,863.

Armour & Co. (Chief 1929 trouble: underestimation of hog supply): $9,810,518 as against $11,326,425.

Glidden Co. (Food division long rumored to merge with Gold Dust): $2,959,110 as against $2,261,118.

Gillette Safety Razor Co. (Output curtailed in last quarter to prepare for new blade and razor): $13,620,700 as against 816,250,657.

Nash Motors Co. (With $42,000,000 in cash and Government securities): $18,013,781 as against $20,820,085.

Potrero Sugar Co. (Hacienda El Potrero produces 15,000 tons of sugar per annum): $255,592 as against $10,804.

A. G. Spalding & Brothers (Playground equipment, bathing suits, fishing tackle, balls, clubs, bats): $2,050,446 as against $1,845,535*

Swift & Co. (Gross sales over $1,000,000,000): $13,076,815 as against $14,813,182.

In many industries sales are accurate forecasters of profits. This is not so true of chain stores where the margin of profit varies. Yet last week indications were that 1929 will prove to have been a record year for many a chain system. The first 20 chains to report showed an increase in sales amounting to 18% for the year, 11% for December.

Other companies to report sales were:

Caterpillar Tractor Corp. (1,300 tractors bought by the Soviet Grain Trust), $51,750,000 as against $35,000,000.

General Electric Co. (No stock interest in General Electric, Ltd. of Great Britain, but large holdings in the Associated Electric Industries, biggest British company in this field. Between these two English companies an eventual merger rumored): $448,802,519 (orders) as against $348,848,512.

Simmons Co. (Dining, bed and living room furniture): $51,971,448 as against $36,479,281.

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